LONDON – Britain’s economy looks on course to shrink during the current quarter and risks falling into a recession, as a survey on Wednesday showed a slump in factory output and broader weakness in the face of higher interest rates.
The S&P Global/CIPS Purchasing Managers’ Index (PMI) tumbled to 47.9 in August from 50.8 in July, according to a preliminary estimate which was below all forecasts in a Reuters poll of economists.
The reading was the lowest since January 2021, when Britain was in a COVID-19 lockdown. It was the first fall below the 50 level which divides growth from contraction since January this year.
Britain’s economy – struggling with high inflat…
Keep on reading: Factory slump puts UK economy on course to shrink in Q3 – S&P Global
